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BUSINESS SEGMENTS | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | NOTE 2: BUSIN ESS SEGMENTS We are principally engaged in growing and harvesting timber; maximizing the value of our acreage through the sale of higher and better use (HBU) properties; monetizing the value of surface and subsurface assets through leases and royalties; and manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services which include: ● Timberlands – Logs, timber, recreational leases and other products; ● Strategic Land Solutions – Real Estate (sales of timberlands), Natural Resources (rights to explore for and extract hard minerals, construction materials and natural gas production) and Climate Solutions (conservation, mitigation banking, renewable energy, forest carbon and carbon capture and sequestration). ● Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution. A reconciliation of our business segment information to the respective information in our Consolidated Statement of Operations is as follows:
DOLLAR AMOUNTS IN MILLIONS |  | TIMBERLANDS |  |  | STRATEGIC LAND SOLUTIONS |  |  | WOOD PRODUCTS |  |  | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS |  |  | CONSOLIDATED |
QUARTER ENDED JUNE 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 367 |  |  | $ | 140 |  |  | $ | 1,360 |  |  | $ | — |  |  | $ | 1,867 |
Intersegment sales |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | (151 | ) |  |  | — |
Total |  |  | 518 |  |  |  | 140 |  |  |  | 1,360 |  |  |  | (151 | ) |  |  | 1,867 |
Costs of sales |  |  | 434 |  |  |  | 38 |  |  |  | 1,223 |  |  |  | (139 | ) |  |  | 1,556 |
Gross margin |  |  | 84 |  |  |  | 102 |  |  |  | 137 |  |  |  | (12 | ) |  |  | 311 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 24 |
General and administrative expenses |  |  | 24 |  |  |  | 8 |  |  |  | 37 |  |  |  | 46 |  |  |  | 115 |
Other segment items(1) |  |  | (71 | ) |  |  | — |  |  |  | 6 |  |  |  | 24 |  |  |  | (41 | )
Net contribution (charge) to earnings |  | $ | 130 |  |  | $ | 94 |  |  | $ | 71 |  |  | $ | (82 | ) |  | $ | 213 |
QUARTER ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 373 |  |  | $ | 154 |  |  | $ | 1,357 |  |  | $ | — |  |  | $ | 1,884 |
Intersegment sales |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | (156 | ) |  |  | — |
Total |  |  | 529 |  |  |  | 154 |  |  |  | 1,357 |  |  |  | (156 | ) |  |  | 1,884 |
Costs of sales |  |  | 416 |  |  |  | 44 |  |  |  | 1,243 |  |  |  | (144 | ) |  |  | 1,559 |
Gross margin |  |  | 113 |  |  |  | 110 |  |  |  | 114 |  |  |  | (12 | ) |  |  | 325 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 23 |
General and administrative expenses |  |  | 24 |  |  |  | 6 |  |  |  | 40 |  |  |  | 44 |  |  |  | 114 |
Other segment items(1) |  |  | — |  |  |  | (2 | ) |  |  | 6 |  |  |  | 19 |  |  |  | 23 |
Net contribution (charge) to earnings |  | $ | 88 |  |  | $ | 106 |  |  | $ | 46 |  |  | $ | (75 | ) |  | $ | 165 |
YEAR-TO-DATE ENDED JUNE 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 723 |  |  | $ | 347 |  |  | $ | 2,524 |  |  | $ | — |  |  | $ | 3,594 |
Intersegment sales |  |  | 287 |  |  |  | — |  |  |  | — |  |  |  | (287 | ) |  |  | — |
Total |  |  | 1,010 |  |  |  | 347 |  |  |  | 2,524 |  |  |  | (287 | ) |  |  | 3,594 |
Costs of sales |  |  | 843 |  |  |  | 70 |  |  |  | 2,310 |  |  |  | (258 | ) |  |  | 2,965 |
Gross margin |  |  | 167 |  |  |  | 277 |  |  |  | 214 |  |  |  | (29 | ) |  |  | 629 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 45 |  |  |  | 1 |  |  |  | 47 |
General and administrative expenses |  |  | 49 |  |  |  | 14 |  |  |  | 76 |  |  |  | 95 |  |  |  | 234 |
Other segment items(1) |  |  | (128 | ) |  |  | — |  |  |  | (20 | ) |  |  | 46 |  |  |  | (102 | )
Net contribution (charge) to earnings |  | $ | 245 |  |  | $ | 263 |  |  | $ | 113 |  |  | $ | (171 | ) |  | $ | 450 |
YEAR-TO-DATE ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 755 |  |  | $ | 248 |  |  | $ | 2,644 |  |  | $ | — |  |  | $ | 3,647 |
Intersegment sales |  |  | 308 |  |  |  | — |  |  |  | — |  |  |  | (308 | ) |  |  | — |
Total |  |  | 1,063 |  |  |  | 248 |  |  |  | 2,644 |  |  |  | (308 | ) |  |  | 3,647 |
Costs of sales |  |  | 825 |  |  |  | 76 |  |  |  | 2,357 |  |  |  | (271 | ) |  |  | 2,987 |
Gross margin |  |  | 238 |  |  |  | 172 |  |  |  | 287 |  |  |  | (37 | ) |  |  | 660 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 44 |  |  |  | 1 |  |  |  | 46 |
General and administrative expenses |  |  | 48 |  |  |  | 13 |  |  |  | 79 |  |  |  | 93 |  |  |  | 233 |
Other segment items(1) |  |  | (1 | ) |  |  | (3 | ) |  |  | 12 |  |  |  | 43 |  |  |  | 51 |
Net contribution (charge) to earnings |  | $ | 190 |  |  | $ | 162 |  |  | $ | 152 |  |  | $ | (174 | ) |  | $ | 330 |
(1) Other segment items for each reportable segment includes recurring and non-recurring income and expense items. For our Timberlands segment, this includes gains on the sale of timberlands for the quarter and year-to-date period ended June 30, 2026. For our Wood Products segment, this includes product remediation insurance recoveries for the year-to-date period ended June 30, 2026. For Unallocated Items, this includes non-operating pension and other post-employment benefit costs and interest income and other for all periods presented. Refer to Note 13: Other Operating Costs, Net for additional information. Reconciliation of Net Contribution to Earnings to Net Earnings
|  | QUARTER ENDED |  |  | YEAR-TO-DATE ENDED |
DOLLAR AMOUNTS IN MILLIONS |  | JUNE 2026 |  |  | JUNE 2025 |  |  | JUNE 2026 |  |  | JUNE 2025 |
Net contribution to earnings |  | $ | 213 |  |  | $ | 165 |  |  | $ | 450 |  |  | $ | 330 |
Interest expense, net of capitalized interest |  |  | (66 | ) |  |  | (66 | ) |  |  | (132 | ) |  |  | (132 | )
Earnings before income taxes |  |  | 147 |  |  |  | 99 |  |  |  | 318 |  |  |  | 198 |
Income taxes |  |  | 15 |  |  |  | (12 | ) |  |  | — |  |  |  | (28 | )
Net earnings |  | $ | 162 |  |  | $ | 87 |  |  | $ | 318 |  |  | $ | 170 |
Additional Financial Information
DOLLAR AMOUNTS IN MILLIONS |  | TIMBERLANDS |  |  | STRATEGIC LAND SOLUTIONS |  |  | WOOD PRODUCTS |  |  | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS |  |  | CONSOLIDATED |
QUARTER ENDED JUNE 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 64 |  |  | $ | 4 |  |  | $ | 58 |  |  | $ | 1 |  |  | $ | 127 |
Capital expenditures |  | $ | 24 |  |  | $ | — |  |  | $ | 115 |  |  | $ | — |  |  | $ | 139 |
QUARTER ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 64 |  |  | $ | 4 |  |  | $ | 55 |  |  | $ | 2 |  |  | $ | 125 |
Capital expenditures |  | $ | 19 |  |  | $ | — |  |  | $ | 88 |  |  | $ | — |  |  | $ | 107 |
YEAR-TO-DATE ENDED JUNE 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 127 |  |  | $ | 5 |  |  | $ | 115 |  |  | $ | 4 |  |  | $ | 251 |
Capital expenditures |  | $ | 67 |  |  | $ | — |  |  | $ | 184 |  |  | $ | — |  |  | $ | 251 |
YEAR-TO-DATE ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 129 |  |  | $ | 6 |  |  | $ | 110 |  |  | $ | 5 |  |  | $ | 250 |
Capital expenditures |  | $ | 45 |  |  | $ | — |  |  | $ | 155 |  |  | $ | — |  |  | $ | 200 |
Total Assets
DOLLAR AMOUNTS IN MILLIONS |  | JUNE 30, 2026 |  |  | DECEMBER 31, 2025 |
Timberlands and Strategic Land Solutions(1) |  | $ | 12,398 |  |  | $ | 12,687 |
Wood Products |  |  | 3,368 |  |  |  | 3,194 |
Unallocated items |  |  | 747 |  |  |  | 732 |
Consolidated |  | $ | 16,513 |  |  | $ | 16,613 |
(1) Assets attributable to the Strategic Land Solutions segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.

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